The dollar shared the lead with the Japanese yen, strengthening by a cent against sterling and by a third of a cent against the fourth-placed euro. Its week was characterised by frequent swings across a narrow one-cent range against the euro as investors blew hot and cold about the likelihood of a rate increase by the Federal Reserve.

Last Friday there was excitement at the possibility that a dyed-in-the-wool monetary dove - Fed governor Lael Brainard - was about to swap sides and come out in favour of a rate hike. When she failed to do so investors just about wrote off the chance of an increase being delivered at next week's policy meeting. That view was reinforced when the data for August showed retail sales falling in July. Even so, the dollar was able to strengthen by a third of a cent against the euro. It added a cent against sterling.